地理邻近性视角下独立董事网络结构特征对企业投资效率的影响研究

Research on the Impact of Independent Director Network Structure Characteristics on Firm Investment Efficiency From the Perspective of Geographical Proximity

本文基于2002~2021年我国沪深两市A股上市公司为研究样本,采用复杂网络分析方法构建独立董事网络,并量化了独立董事网络的结构特征。在此基础上,实证检验了独立董事网络结构特征对企业投资效率的直接影响,以及地理邻近性在独立董事网络结构特征影响企业投资效率过程中所起的调节作用。研究发现,独立董事网络中心度和结构洞都对企业投资效率有显著的正相关关系。地理邻近性在中心度影响企业投资效率过程中起正向调节作用,但在结构洞影响企业投资效率过程中起负向调节作用。

Based on the research samples of A-share listed companies in Shanghai and Shenzhen from 2002 to 2021,the independent director network is constructed by complex network analysis method, and the structural characteristics of the independent director network are quantified.On this basis, we empirically test the direct impact of independent director network structure cha-racteristics on firm investment efficiency, and the moderating effect of geographical proximity on the impact of independent director network structure characteristics on firm investment efficiency. The results show that both the centrality of the independent director network and the structure hole have significant positive correlation with the investment efficiency.Geographical proximity has a positive moderating effect on the centrality and a negative moderating effect on the structural hole.